Sacramento sues Wells Fargo, alleging mortgage discrimination

The city of Sacramento, California, has sued Wells Fargo for allegedly targeting minorities for high-cost mortgages that frequently end in foreclosures.

Filed in federal court in Sacramento on Friday, the lawsuit said Wells Fargo engaged in a pattern of discriminatory lending beginning in 2004 and continuing until today, steering black and Latino borrowers into costly loans they could not afford even when they qualified for more favorable terms.

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